Trustee Designated below and Shall Be Governed and Administered in Accordance with Form
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People also ask
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Can a trustee override an executor?
Because they both have separate areas of responsibility, an executor cannot override a trustee, and a trustee cannot override an executor. Effectively, executors and trustees have separate duties and control over separate administrations, so while they often collaborate, they need not.
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What are two mandatory duties of a trustee?
The fundamental duties of a trustee are as follows: (1) the duty of good faith and loyalty; (2) the duty of reasonable skill and diligence; (3) the duty to give personal attention; and (4) the duty to keep and render accounts.
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What is the governing law of a trust?
Governing Law: The governing law of a trust essentially deals with three separate issues: (i) the law that governs the validity of the trust; (ii) the law that governs the meaning of the trust's terms, i.e. how the trust's terms are construed or interpreted; and (iii) the law that governs the administration of the ...
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Who is the best person to be a trustee?
They should be people you know and trust, people whose judgment you respect and who will also respect your wishes. When choosing a successor, keep in mind the type and amount of assets in your trust and the complexity of the provisions in your trust document.
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Is a trustee more powerful than an executor?
The role of executor is similar to a trustee, but it applies solely to the estate of the deceased person rather than to a trust and its beneficiaries. The job of the executor is finite and gets wrapped up within a specific time period, as opposed to a trustee, who may have that role for life.
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Who has more power, executor or trustee?
The answer to who holds more power depends largely on the context and specific circumstances of the estate or trust. Here's a summary to help clarify: Duration of Authority: Trustees often have ongoing responsibilities and powers that can extend indefinitely, while executors have a more limited, temporary role.
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Who has the most power in a will?
Generally speaking, the executor of a will has the authority to manage the affairs of the estate. The executor is typically selected by the deceased and named in the will. Executors can exercise considerable judgment when managing estate assets, including: Hiring a lawyer to assist with the estate administration.
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Can the trustee be the beneficiary?
It is not unusual for the successor trustee of a trust to also be a beneficiary of the same trust. This is because settlors often name trusted family members or friends to both manage their trust and inherit from it.
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